Call players have been active in Bank of America Corp's (NYSE:BAC) options pits of late, per data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Specifically, the equity has chalked up a 10-day call/put volume ratio of 5.16 on these exchanges, which ranks in the 86th percentile of its annual range. Simply stated, calls have been bought to open over puts with more rapidity just 14% of the time within the past year.

It's a similar set-up in today's session, with calls trading at a 38% mark-up to the intraday average, and outpacing puts by a nearly 3-to-1 margin. Receiving notable attention is the June 15.50 call, where 37,717 contracts have changed hands. In fact, the top block trade on BAC so far today centered on a 7,000-contract lot of these at-the-money calls, which were bought at the ask price of $0.14 apiece. Implied volatility rose 2.0 percentage points at the transaction, suggesting new positions were initiated.

With BAC last seen lingering near $15.58, these calls are in the money by a slim margin. However, in order for this call buyer to profit, the stock must be perched north of $15.64 (strike plus premium paid) at Friday's close, when front-month options expire. Gains are theoretically unlimited with each additional step north of here BAC settles at week's end. Losses, meanwhile, are capped at the initial premium paid, or $98,000 (7,000 contracts * $0.14 premium * 100 shares per contract), should Bank of America Corp (NYSE:BAC) finish south of the strike at expiration.